The Intertek Group plc Directors have approved an interim dividend of 53.9p per share (H1 23: 37.7p) to be paid on 8 October 2024 to shareholders on the register at close of business on 13 September 2024.
Other financial highlights include:
• Revenue of £1,669.5m, +6.6% at constant currency, and +1.8% at actual rates
• Broad-based LFL revenue growth of 6.1%: Consumer Products 6.0%, Corporate Assurance 8.3%, Health and Safety 8.5%, Industry and Infrastructure 2.2%, and World of Energy 8.3%
• Recent acquisitions in attractive growth and margin segments performing well
• Cost reduction programme delivered savings of £5m in H1 24 and £11m expected in 2024
• Adjusted operating profit of £265.1m, +14.2% at constant currency and +8.0% at actual rates
• Strong margin progression of 110bps driven by mix, pricing, operating leverage, cost control and productivity
• Double digit adjusted EPS growth: +17.5% at constant currency and +10.2% at actual rates
• Daily cash discipline delivers cash conversion of 118% and +14% growth in free cash flow
• Strong financial position: net debt reduced to £708m and net debt/EBITDA improved to 1.0x
• Continuing investment in growth: acquisition of Base Met Labs and capex of £56m
• Excellent progress in ROIC to 20.4% up +220bps at constant currency and +110bps at actual rates
• Strong H2 2024 expected, on track to deliver their medium-term targets of mid-single digit LFL revenue growth, 17.5%+ margin and strong cash
